In response to the ongoing pandemic, the Korean government and state-run energy firm have decided to maintain the electricity rate through the third quarter in a bid to ease the financial burden on local households.
The Korea Electric Power Corporation said on Monday it will leave the adjusted unit price unchanged at -3.0 won per kWh during the July-September period despite higher crude and other fuel prices.
KEPCO, however, said it may raise costs in the fourth quarter if the global price of resources continue to rise.
The company adopted flexible electricity rates linked to global fuel prices this year to help improve its profitability.
Local households were previously charged under a fixed-rate electricity billing system, but the current billing system is revised every three months, depending on movements in the global price of liquefied natural gas, coal and crude oil.